5In medium bowl, beat powdered sugar, butter, liqueur and just enough of the 2 to 4 tablespoons whipping cream with spoon or electric mixer on low speed until smooth and spreadable.

6Place 1 cake layer, rounded side down, on serving plate. Spread peach filling over layer to within 1/4 inch of edge. Top with second layer, rounded side up. Frost side and top of cake with frosting.

7In small bowl, stir 3 tablespoons peach preserves; carefully spoon preserves around top edge of cake, allowing some to drizzle down side. Just before serving, cut reserved peach slices lengthwise in half; place on top of cake. Store loosely covered in refrigerator.